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Prepare tax Return. form 1 1 2 0 , schedule M - 3 , Schedule D , Schedule G , Form 4 5 6 2
Prepare tax Return. form schedule M Schedule D Schedule G Form Schedule
the accrual method of accounting GAAP
The dividends received by DC during the year were paid by Apple, Inc. DC owns less than of Apple, Inc.s stock DC had its sole municipal bond City of Florida redeemed bought back in the current year.
DC originally purchased the City of Florida bonds on February for $no premium or discount paid
February for $ Both tax basis and proceeds received on this transaction were reported to DC on a Form B
DC purchased shares of Apple, Inc. on June for $including commission On July of the current year, DC sold the shares of Apple, Inc. for $ a share including commission Both tax basis and proceeds received on this transaction were reported to on a form B
During the year, DC contributed $ to the American Lung Association.
On December DC paid Chance Advertising $ to design a new catering advertisement campaign for next year. This money represented half of the total $ contract price. DC expects that the services will be provided and delivered to DC on about June
DC prepaid an insurance premium of $ in September. The new policy is effective October through September
DCs regular tax depreciation for the year is correctly calculated as $ before considering the current year fixed asset additions of $ DC wants to claim the fastest recovery methods possible on these asset additions without electing any $ expensing.
On November a large insurance company paid DC a $ deposit to reserve catering event services on March The deposit is fully refundable until January Thereafter, half of the deposit becomes nonrefundable.
Meal expenses were incurred for clients and DC staff at important meetings where business was conducted. DC did not incur any entertainmentrelated expenses in
DC values its inventory at cost and has always used the specific identification method for reporting purposes. The company has never written down any inventory for any reason and the rules of Section A UNICAP do not apply to DC
DC made the following estimated Federal income tax payments: o April :$
o September :$ o June :$
o Recember:$
If applicable, DC wants any overpayment refunded.
DC did not make any dividend distributions or distributions in excess of current and accumulated earnings and profits during the current year.
DC has never disposed of more than by value of its assets in a taxable, nontaxable, or taxdeferred transaction.
DCs average annual gross receipts have never exceeded $ million annually.
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